https://www.taxtmi.com/caselaws?id=371869 The Tribunal upheld the first appellate authority's decision, deleting the additions related to interest disallowance under section 36(1)(iii) due to excessive deposits. It allowed the interest expenditure on unsecured loans for business purposes, emphasizing the genuineness of the loans and the business nexus of the expenditure. The Tribunal cited legal precedent to support the allowance of interest expenditure when linked to the business purpose. Consequently, the revenue's appeals for both Assessment Years 2013-14 & 2014-15 were dismissed. en-us Tue, 11 Dec 2018 00:00:00 +0530 Thu, 13 Dec 2018 14:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371869 The Tribunal upheld the first appellate authority's decision, deleting the additions related to interest disallowance under section 36(1)(iii) due to excessive deposits. It allowed the interest expenditure on unsecured loans for business purposes, emphasizing the genuineness of the loans and the business nexus of the expenditure. The Tribunal cited legal precedent to support the allowance of interest expenditure when linked to the business purpose. Consequently, the revenue's appeals for both Assessment Years 2013-14 & 2014-15 were dismissed. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371869